The Singapore-based Dragonfly Fintech (website) has won a place in the final round of the third G20 TechSprint Global Challenge. Dragonfly is an innovative fintech solutions provider that leverages the ProximaX blockchain protocol to address the unmet digital needs of customers in banking and capital markets, driving the emerging neobanking and CBDC globally.
This year’s challenge focuses on digital central bank currency (CBDC), following Saudi Arabia’s selection of RegTech and SupTech in 2020 and Italy’s selection of Green Finance in 2021. This year’s competition is being held as part of Indonesia’s G20 Presidency, culminating in the G20 Leaders Summit in Bali in November 2022.
The global G20 TechSprint competition, co-organized by Bank Indonesia and the Bank of International Settlement Innovation Hub, will focus on developing and showcasing retail and wholesale CBDC as a viable solution in three core areas:
- CBDC issuance, wholesale, retail and distribution
- Financial inclusion through the use of CBDC
- CBDC as an enhanced means of interoperability among participating government payment systems
“We are honoured to have been selected as a finalist in the issuance, wholesale, retail and distribution segments of the CBDC segment. Our goal is to meet the future unmet needs of the industry with innovative blockchain-based solutions. This growth opportunity allows us to demonstrate how Dragonfly simplifies digital banking by covering the entire spectrum from monetary policy to wholesale and settlement to retail distribution in one interoperable system,”, commented Lon Wong, founder and CEO of Singapore-based Dragonfly Fintech.